Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers R > Headlines for Rock Ohio Caesars LLC > News item |
Rock Ohio Caesars to launch $125 million term loan on Wednesday
By Sara Rosenberg
New York, July 26 - Rock Ohio Caesars LLC is set to hold a bank meeting on Wednesday to launch a proposed $125 million term loan, according to a market source.
Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the lead banks on the deal.
Unofficial price talk on the loan is being circulated as Libor plus 650 basis points with a 1.5% Libor floor and an original issue discount of 98, the source said.
The loan is non-callable for two years, then at 102 in year three and 101 in year four.
Proceeds will be used to help fund the development of casinos in Cleveland and Cincinnati.
Other funds for the transaction will come from a $62.5 million 12-month delayed-draw term loan, a $62.5 million 18-month delayed-draw term loan and $380 million of second-lien notes. The delayed-draw loans are not being syndicated.
Rock Ohio Caesars is a joint venture formed by Rock Gaming LLC and Caesars Entertainment Corp.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.